Piper Jaffray Raises PT Following Black Diamond's (BDE) Strong 1Q

Piper Jaffray maintains a Neutral rating on Black Diamond (NASDAQ: BDE), but raised the price target to $10.00 (from $8.50), following Q1 Results. BDE reported a strong quarter with revenue growth of 13% (vs. 7% expected), gross margin expansion of 30 bps and an adjusted EBITDA of $1.9M. Excluding FX, Revenue growth was up 18% and EBITDA was up 290 bps.

Piper Jaffray analyst, Erinn Murphy, commented on the quarter, saying, "We are updating our model following Black Diamond's Q1 results which bested both our revenue and EBITDA expectations. Q1 revenue grew +13% despite 500 bps of FX pressure compared to our +7% estimate. Gross margin expanded 30 bps Y/Y compared to our (190) bps decline and adjusted EBITDA came in a $1.9M versus our ($2.3M) loss. FY15 guidance calling for +8% reported revenue growth to $208M and 40.0% gross margin ex. FX was unchanged. Management now expects to know the results of their strategic alternatives review in Q3. Similar to last quarter, no Q&A was taken by the company following prepared remarks."

For an analyst ratings summary and ratings history on Black Diamond click here. For more ratings news on Black Diamond click here.

Shares of Black Diamond closed at $9.21 yesterday.

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